Australian company Metals of Africa (MTA) has acquired 90% of three licences located in Gabon via a no cash transaction.

The licences, two of which have been granted, are prospective for a range of base and precious metals, including lead, zinc, copper (MTA’s core focus), silver, gold and manganese.

Metals of Africa renegotiated and completed a transaction with Select Exploration Limited (SLT) to acquire the three exploration assets. This will see MTA own 90% of the Gabon projects in a joint-venture with SA-based Havilah Consolidated Resources (HCR).

The deal will see Metals of Africa issue five million unlisted options to SLT as consideration for the acquisition, while HCR will receive a 10% free carried interest in the projects for a two-year period. After the two years, HCR will have the option to contribute proportionally or dilute to a net smelter royalty of 0.75%.

The Lastourville and Kroussou licences have been granted while the Mboungou licence is currently under application. The three projects represent a collective exploration area of 6.886 square kilometres, 5.720 of which has been granted.

Surface exploration work at the Kroussou and Lastourville projects is planned to commence in mid‐May. The initial work programme will include geological mapping in conjunction with a rock chip/soil sampling work programme.